Going To A 15 Year Fixed Mortgage



With mortgage interest rates at amazing lows, I (Ed) figured now is the time for 15 year fixed rate refinance:

I have a 30 year fixed rate mortgage with about 23 years and ~$156,000 left. With the 15 year fixed rate mortgages at about 3.7%, I have started to look into a refinance.

My current mortgage30 fixed
Interest rate5.875%
Amount left$156,000
Years left23
Monthly payment (principle & interest)$1010
Taxes5k per year
Total monthly payment (with PMI)$1,553
    New mortgage15 fixed
    Interest rate3.875%
    Amount left$159,000 ($3000 for fees)
    Years left15
    Monthly payments (principle & interest)$1166
    Taxes5k per year
    Total monthly payment (without PMI)$1,582

    By refinancing, I stopped paying PMI, and shaved about 8 years off of the loan by paying down the principle in an with an astonishingly low rate and almost identical monthly payments.  If you are in a similar situation and value getting your house paid off as fast as possible like we do, it may pay to look into getting into a 15 year mortgage now.

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